> Date: Fri, 19 Nov 2010 19:33:19 -0800
> From:
> To:
> Subject: Re: [DNA] Odds Are, It's Wrong - 5% of the time
>
> They are independent events, the odds are the same each time.
> Losing three times in a row has no bearing on what will happen on the
> next trial ...
>
> > On 11/19/2010 6:00 PM, Steven Bird wrote:
> > The cumulative odds of losing three times in a row, given a 19 out of 20 chance to win on each play, are exactly what I stated. .05*.05*.05=.000125 or .00205% The odds of each chance remain 19 out of 20, but cumulative odds of winning ONE time increase. If I flip a fair coin, the chance of heads is 50/50. However, the chance of NO heads in ten tosses diminishes to 0.5^10, or .000977.
> >
> >
> >
> > As I indicated before, if you are unhappy with a 95% chance of being right, then change the p value to 99.7% or 99.9999%. It is strictly up to the statistician. There is nothing sacred about p=0.05
> >
> >
> > You might be right about the double or nothing bet however. ;-)
> >
> >
> >> From:
> >> To:
> >> Date: Fri, 19 Nov 2010 23:56:12 +0000
> >> Subject: Re: [DNA] Odds Are, It's Wrong - 5% of the time
> >>
> >>
> >> Uh-oh - classic gambling fallacies.
> >>
> >> If you've lost twice already then the odds of losing three times in a row are just the odds of losing the third time. It doesn't get better the more you lose.
> >> And a double or nothing strategy works in favour of the party who has the last word on whether betting continues or not i.e. the bookmakers& casinos.
>
>
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